Farewell, E-Com Multi

What goes around, comes around

Ten months after deciding to ditch the IT industry in favour of Australia’s booming mining sector, E-Com Multi has issued the prospectus that will, once complete, see the company listed as Rico Resources.

Once described as a “successful automotive ecommerce startup” (back in 2002), the company had recast itself as an installer of business technology by the end of the decade.

During 2010, the company decided the minerals sector was its future and acquired an option over minerals projects owned by Talisman Mining. The new prospectus is designed to raise funds to exercise these options.

The move from tech to resources mirrors exactly the days of Australia’s dotcom boom, when fashionable investors used the acquisition of low-price mining and resources companies to obtain back-door listings for tech companies. ®